Monetary policy
Forward guidance ‘escape clause' increases effectiveness, says Colombian paper
Incorporating a threshold into forward guidance means central banks can change course when economic conditions dictate - meaning it is welfare-improving
Colombia sees benefit of weaker currency as inflation stays at record lows
Minutes say monetary policy framework is functioning well as lower levels of capital flight allow central bank to retain some of South America's lowest interest rates
Former HKMA chief Yam calls on PBoC to shift to policy rate
Founding chief executive of the Hong Kong Monetary Authority publishes a paper calling for interest rate and money base liberalisation on the mainland
Central Bank of Turkey expected to avoid drama with rate hold tomorrow
The bank, which hiked rates by 425 basis points in an emergency meeting on January 29, is widely expected to stay on current path; has continued to sell dollars in February to prop up lira
Noyer paints picture of ‘European Federal Reserve System’
Banque de France governor sets out vision of the ECB operating in a similar style to the Fed – with France taking the place of New York
Countercyclical prudential policies have ‘important implications' for monetary policy
Using a countercyclical macro-prudential instrument in addition to manipulating interest rates improves welfare, IMF paper finds
Bank of England unveils forward guidance ‘phase two'
The current policy will be scrapped when UK unemployment reaches the bank's 7% threshold ‘in the coming months' in favour of a less easily defined version aimed at reducing labour market slack
European Court of Justice to rule on OMTs after German court ‘fudge'
German constitutional court finds ‘reasons to assume OMTs exceed the ECB's mandate', but asks Europe's top court in Luxembourg to take the final decision
Lagarde lends weight to global clamour for policy co-ordination
IMF managing director joins Rajan and others in renewed calls for monetary policy to take into account international spillovers, as Fed taper rocks emerging markets
Global crisis weakened monetary policy transmission, Czech paper shows
New research from the Czech National Bank studies the transmission of monetary policy through different channels, finding it works as expected but was weakened in the financial crisis
Former Fed economists call on FOMC to dump Fed funds rate as main monetary policy tool
Joseph Gagnon and Brian Sack want the Fed to adopt the interest rate on its overnight reverse repo facility as its main policy tool and keep interest rate paid on bank reserves at same level
Central Bank of Turkey calls emergency meeting
Monetary policy committee will announce decision at midnight local time tomorrow night; expectations of rate hike see lira bounce back from record lows, but analysts remain cautious
Tombini says Brazil is ready for ‘welcome' exit from UMP
The end of unconventional monetary policy in advanced economies is a good sign for the world economy, says Central Bank of Brazil governor Alexandre Tombini
Bank of England will recalibrate forward guidance next month
Governor Mark Carney tells an audience in Davos he would prefer the next stage of forward guidance not to focus solely on unemployment, but on ‘overall conditions' in the economy
BoE's Fisher says falling unemployment needn't mean rate rises
Bank of England's monetary policy committee must plot a course between choking off the recovery and allowing inflationary pressures to rise excessively, says head of markets Paul Fisher
Vaguer guidance in vogue as unemployment continues to confound
As UK and US unemployment brushes the thresholds of monetary policy forward guidance, central banks' next moves are anything but straightforward
IMF says world economy menaced by US taper and eurozone deflation
Eurozone deflation should be combated by every means available to the ECB, IMF says; emerging market risks from US taper will be overshadowed by benefit from advanced economy growth
Fisher says Fed must stop QE ‘as soon as feasible'
Exit from quantitative easing is ‘daunting' according to Dallas Fed president Richard Fisher, who compared it yesterday to passing a camel through the eye of a needle
Belarussian presidential decree sets out 2014 forward guidance
Belarus central bank's key refinancing rate will average between 14% and 16%, according to monetary policy guidelines approved by the president; exchange rate will be based on market forces
Disappointing jobs report raises questions over Fed forward guidance
US unemployment falls toward Fed ‘threshold' of 6.5%, but few new jobs are added; confusing result raises questions for how - or whether - the Fed will proceed with its 'taper'
Hungary minutes show calls to slow rate of cuts
Hungarian monetary policy council decided in December to again cut rates by 20 basis points, but two members argued it was time to slow the rate of easing
RBI's Mohanty reviews policy through crisis years
India's central bank joined its counterparts around the world in using unconventional monetary policy to tackle the financial crisis, and the effects of Fed taper
Macro-prudential and fiscal co-ordination could pay big dividends, IMF staffers say
International co-ordination of macro-prudential and fiscal policies would have a far greater effect than the literature predicts for internationally co-ordinated monetary policy, paper shows
Monetary transmission not to blame for weak bank lending in Brazil, IMF paper finds
Fewer loans due to shift in demand and possibly rapid expansion of state bank credit; if anything, sensitivity of lending to Selic rate changes seems to have increased, according to author